Theranos Founder And Former CEO Elizabeth Holmes Found Guilty Of Fraud

 

Holmes the founder of Holmes introduced an easier and more convenient way to scan hundreds of diseases and many health problems by just a single prick in the finger and a few drops of blood.

A jury of U.S. found Elizabeth Holmes the founder of Theranos guilty of turning her blood-testing business startup into a scam. Reputed billionaires and other investors who were backing this unique company said this over-promised technology never performed as Holmes had described.

Elizabeth Holmes was found guilty on three counts of financial fraud and one count of conspiracy to commit fraud on this Monday after a months-long landmark trial in California. The prosecutor accused Holmes of knowingly lying about this technology of hers.

She dined these charges which carry a maximum prison term of 20 years each. Holmes has not been taken into custody yet. The date of conviction is not confirmed at this moment. But the next hearing is held on next week.

She faced eleven changes in total and was found not guilty of four charges that are related to defrauding the public.

After seven days of deliberation, the judge and the jury gave a partial verdict to this case. As they failed to reach a concrete verdict in some charges of this case.

Theranos at a point value over 9 billion dollars. And the whole of Silicon Valley appreciated the technology warmheartedly.

The jury has eight men and four women, who gave this verdict that, shook Silicon Valley, with the fall of this 37-year-old self-made billionaire.

This almost four months-long trial called over 30 witnesses to find out the truth and prove that Elizabeth Holmes fully knew the truth of this technology. And she kept calling for invertors which were disgracefully shameful, to defraud buyers to gain the success of the firm.

At the trial, multiple lab directors testified that they informed Holmes about the flaws of this system of Theranos. And they were told to keep acting like nothing is wrong with the Theranos. And they also said Holmes told the investors that the system is working accordingly.

The prosecutor Jeff Schenk said in his closing argument that Holmes ‘chose fraud over business failure. She chose to be dishonest with investors and patients’. He also added ‘that choice was not only callous, but it was also criminal.’

The defense countered this with how dedicated and driven the businesswoman she is, making big in this male-dominated industry. In her defense, Holmes acknowledged the mistakes in the operations of Theranos but maintained her words that she never defrauded any patients and investors knowingly.

The defense blamed Ramesh ‘Sunny’ Balwani, Holmes’s former partner and long-term boyfriend. At this trial, Holmes also accused Balwani of emotional and sexual abuse. But he completely denied these allegations.

Considering her position as the founder and CEO of Theranos, the fact that she just had a baby, one might have an impression that she might have faced an easy trial but this was not the case. The prosecutor successfully arranged the witnesses to prove the guilt of this self-made billionaire.